I agree with you 100% Wedge.
Let's summarize the main points of contention here.
1. Berserk, by it's wording, does not require a Charge to use, so thus can be used outside of Close Combat.
2. Models that are Berserk are Immune to Fear.
3. Berserk states that you may not go Berserk while *panicked*, but it makes no mention of Fear, or any other Morale state.
So, if a model with Berserk happens to fail a Fear test, they can then go Berserk if they choose. At that point, the model becomes Immune to Fear. When the Berserk ends, assuming the model is still alive, it will be subject to Fear at that point.
It may sound like a loophole, but as masherking and others very skillfully pointed out, Berserk does have flaws, and they can be HUGE ones if planned out carefully.